B.Canceling a term life policy to buy a whole life policy. Which of the following is NOT a requirement for soliciting insurance in Maryland? Medical history from the insured may be reviewed and reported, If an insurer receives a notice of claim under an individual health policy, and fails to provide proof of loss forms within 15 days, the insured must, File a written proof of loss, detailing the occurrence, character and extent of loss. Which of these is NOT considered to be a nonforfeiture option in a whole life insurance policy? The policies continue in force with no change. How long is the Contestable Period for health insurance policies sold in New Jersey? C. Careis only covered in a government facility, D. Careis only covered if primary care physician gives a referral, Theopen enrollment period for Medicare part B is, D. Generaltax revenue and user premiums. In which of the following relationship would there NOT be an insurable interest? B. Whena qualified plan starts making payments to its recipient, which portion of thedistributions is taxable? The policy's effective date is earlier than the present, A Renewable Term Life insurance policy can be renewed, At a predetermined date or age, regardless of the insured's health, A producer's secretary who solicits prospects on the telephone. A. Thepolicys elimination period is waived, B. Thetime frame for reinstating a lapsed policy is extended, C. Thepolicys probation period is earlier than the present, D. Thepolicy effective date is earlier than the present, D. The policy effective date is earlier than thepresent, Premiummode is a term used to describe the. Who would most likely be coveredunder Workers Compensation? This illustration MUST disclose that. The proceeds of this contract could be subject to the claims of. Which of the following does Medicare Part D cover? Therole of the federal government was expanded when Medicaid was establish byallowing the state to, A. Froma large PPO on a statewide level, B. Purchasehealth insurance from the federal government, C. Receivematching funds to expand public assistance programs, D. Deferall costs to the federal government for public assistance program, Anaccident and Health policy that Provides reimbursement benefits makes them payable to the, Paulis an employee who caught a disease unique to the trade in which he was exposedto. Reggie purchased a life insurance policy with a face amount of $500,000. With a usual, customary, and reasonable fee, Which of these is NOT a qualifying event for Medicare, A. One or morediagnostic, preventive, therapeutic, rehabilitative, maintenance or personalcare services in a setting other than an acute care unit of a hospital. Making the policy effective on an earlier date than the present. ABC Insurance Agency is entering each applicant who purchases insurance through their agency into a drawing to win a free trip. Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence? In order for the producer's insurance business to continue, the Commissioner may issue to the producer's spouse a has a mental or physical handicap and remains dependent on the parent A dependent child may remain on a parent's health insurance plan beyond age 26 if the child 60 Proof of loss on a health insurance claim must be submitted to an insurer within _____ days after the insure's date of loss. she may need to resume premium payments, depending on actual results, Kiara filled out a life insurance application and was given a policy illustration that showed future premiums being paid out of non guaranteed values. Which option was chosen? Which type of contract may NOT be issued by an insurance company? A. Changemust be initialed by the agent, B. Changemust be initialed by the applicant, C. Changemust be approved by the insurer. A disability income policy can prevent an insured from earning a higher income than if he/she were working by utilizing. B. Whenthe application is collected and policy is issued, C. Whenthe application is completed and signed, D. Whenthe completed application is signed and initial premium is collected. A producer who sells an individual life insurance policy in Maryland MUST deliver to the policyowner a, Refusing to pay persons bringing false or fraudulent claims, All of these may be an Unfair Claims Practice EXCEPT, is eligible for a Federal tax credit through the SHOP Exchange, An existing health benefit plan offered by a small employer may be replaced by a SHOP Exchange Navigator only if the small employer, An insurance producer who replaces an existing policy by making false written or oral statements is committing the act of, A producer has recently died and leaves behind a spouse. D. The face amount and premium will remain constantover the 10-year period. Which of these statements about Medicaid iscorrect? Which of these will typically authorize treatment from a specialist? Changing from one occupation to another at the same general status is called _____. Which of the following is a reinstatement condition? How often must an insurance producer's license in Maryland be renewed? Which of the following unfair trade practices involves a producer who makes public malicious statements about an insurer's financial condition? Vaginal plastic surgery is made up of two main procedures, external and . Which of these if NOT considered to be a purpose of an annuity? The time limit for filing claim disputes is addressed in which provision of an accident and health policy? Atax-free 1035 Exchange of a life insurance policy to a different policy ispermitted if it occurs, A. Inthe same state as the original transaction, C. Frominsurer to insurer and no cash is received by the policy owner, D. Fromagent to agent as long as the agents are licensed in the same line. \text{Income taxes payable} & \hspace{13pt}25,000 & \hspace{13pt}28,000 \\ Replacement regulation is designed to protect the interests of, A health insurance policy that allows an insurer to change the policyowner's premiums, but NOT cancel the policy is called. C. Funded by federal, state, and local taxes. Who is eligible for insurance under a group policy issued to a labor union? B.Change must be initialed by the applicant. 1. Afterwards, she deposits the check into her personal account. The premium for a Modified whole life policy is, How long is the Contestable Period for health insurance policies sold in New Jersey, An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of. \text{Total current assets} & \underline{\hspace{8pt}144,000} & \underline{\hspace{8pt}151,000} \\ 1. Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? A. When is an existing health insurance policy required to provide coverage for a newborn child, a producer who shares commissions with a client. By Posted browning 725 pro sporting canada The law that established insurance transactions regulated by the states is called. Kathysannuity is currently experiencing tax-deferred growth until she retires. Which of the following describes a person who is NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies? Anapplicants character and personal habits can be obtained for underwritingpurposes from which source? \\ Cram has partnered with the National Tutoring Association, Comparing Health Insurance Rates And Suppliers. In what part of insurance policy benefits found? D.In the event of employment termination, group health insurance can be kept if the employer pays the premium. . Pierre the producer receives a premium for an individual health insurance policy. An insurance company needs to obtain personal information from a third party concerning an applicant. National Milk Producers Federation 2107 Wilson Blvd., Suite 600 Arlington, VA 22201 Phone: 703-243-6111 E-mail: [email protected] Our Future You series provides a range of topical advice and guidance via webinars and podcasts. B. Ahealth care provider claim may be settled using which of the following paymentmethods? Complete the sentence using each term once. It would be considered taxable income to the employee. a producers secretary who solicits prospects on the telephone. No federal income tax is owed on life insurance proceeds, A non-contributory health insurance plan helps the insurer avoid, States that have "no loss no gain" laws require a replacing policy to, Pay for ongoing claims under the policy it replaces. A. Doctormay charge up to a maximum of 15% more than Medicare pays for the service, B. Doctoris not bound by Medicare limitations on charge, C. Doctorcannot charge more than Medicares scheduled coverage, D. Doctor bills the Medicare beneficiary directlyfor services performed, A. Alwaysrequires service in a network, B. Providesa greater choice of providers, C. Alwaysrequires a referral to specialists. EXECUTIVE SUMMARY. What is this an example of? Which of the following MUST contain a "Statement of Policy Cost and Benefit Information"? Which of the following would disqualify a company's retirement plan from receiving favorable tax treatment? Which situation accurately describes a reduced paid-up nonforfeiture option? Which of the following would be the appropriate tax consequence? A. Timeperiod an insured must wait before coverage begins, B. Timeperiod a disabled person must wait before benefits are paid, C. Timeperiod after the policy issue date in which the provisions are stillcontestable, Inan insurance contract, the element that shows each party is giving something ofvalue is called. An individual who has a hobby racing cars once a month. 1. D. Assist an insurer in determine an applicantscreditworthiness. Inwhich of the following situations would the insurer be liable for a loss? How long is the Contestable Period for health insurance policies sold in Maryland? Which of these is affected by the frequency of an insurance policy's premium payments? One of. a producers secretary who solicits prospects on the telephone. A. Paul has a (n), Failingto Promptly provide a reasonable explanation for the denial of a claim is conservedto be a(n), AnHMO that involves a partnership of physicians and other providers who practiceout of a central facility is called a(n), Smallemployers who are spooned by an insurer to provider group benefits to itsemployees are called. Please sign in to share these flashcards. Provides the insured a specific dollar amount for services, An example of an unfair method of competition is, Overstating the benefits of an insurance policy, A pharmacy benefit covers prescription drugs derived from a list called, The type of policy which pays on the death of the last person is called, Converting a group plan to permanent life insurance requires, The conversion being applied for within 31 days of termination, Ownership of a life insurance policy may be temporarily transferred with a(n). A producer has committed an insurance crime that violates US code 1033 (interstate commerce). Because dividends are considered to be a return of premium. Actively solicits increases in limits and/or coverages or rounding out accounts through sales to clients at every service contact. A life insurance policyowner was injured in an automobile accident which results in a total and permanent disability. Which of the followingunfair trade practices involves an agent who makes malicious statements aboutanother person's financial condition? Jim recently sold his whole life insurance policy under a critical settlement contract. In accordance with New Jersey law, a Producer must remit health insurance premiums to the insurer within what period? \text{Accounts payable} & \$\ \hspace{5pt}32,000 & \$\ \hspace{5pt}57,000 \\ A life insurance policy which contains cash values that vary according to its investment performance of stocks is called. B. Providea risky, yet high return investment, Fixedannuities provide each of the following EXCEPT. There is protection of proceeds against the insured's and the beneficiary's creditors, Susan is insured through her Group Health Insurance plan and changed her coverage to an individual plan with the same insurer after her employment was terminated. You are here: leeds city council repairs phone number a producers secretary who solicits prospects on the telephone. The Federal Employees Benefit Program consists of two types of health plans for federal civilian employees. An attending physician's statement would be appropriate for which life insurance purpose? A master contract and certificate of coverage can be found in which type of policy? What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? An eligible employee can be excluded from group health coverage for up to _______ months is he/she is considered a "late enrollee". Lower than the typical whole life policy duringthe first few years and then higher than typical for the remainder. Erica is 35 years old and owns an IRA. \text{Accounts receivable} & \hspace{13pt}41,000 & \hspace{13pt}44,000 \\ B. Guaranteedlifetime withdrawal benefit, D. Guaranteedminimum accumulation benefit. This type of agreement is called an. Percent frequency distribution for key variables. In advertisements of life insurance and annuities, all of the following are true EXCEPT, Advertisements must include training materials provided to the producer. May 2020. A producer's secretary who solicits prospects on the telephone Must be licensed as a producer Which of the following is a requirement for ANY change in an insurance application? How many months can a life insurance policy normally be backdated from the date of application? Whichof these will have the highest monthly payout upon annuitization? Write a sentence explaining its significance to the executive branch. They are both involved in an automobile accident where Pat dies instantly and Karen dies 5 days later Key Person Disability Insurance pays benefits to the. Must be bonded through the state. June 24, 2022 . Contact; a producers secretary who solicits prospects on the telephonepossum playing dead in the yard. When is an existing health insurance policy required to provide coverage for a new born child? To be eligible for small employer group coverage, anemployee must work a MINIMUM of __ hoursI a typical week. Over the course of a year, which premium payment mode is most expensive? c. Travel accidental insurance premiums. Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. What happens to the total amount of premium paid for an insurance policy when the payment frequency increases? An insurer formed according to the legal requirements of another country is called an. This is called a. What is issued to each employee of an employerhealth plan? Its balance sheet for this year is as follows: EndingBeginningBalanceBalanceCashandcashequivalents$48,000$57,000Accountsreceivable41,00044,000Inventory55,00050,000Totalcurrentassets144,000151,000Property,plant,andequipment150,000140,000Lessaccumulateddepreciation50,00035,000Netproperty,plant,andequipment100,000105,000Totalassets$244,000$256,000Accountspayable$32,000$57,000Incometaxespayable25,00028,000Bondspayable60,00050,000Commonstock70,00060,000Ratainedearnings57,00061,000Totalliabilitiesandstockholdersequity$244,000$256,000\begin{array}{l c c} She may reinstate her policy within _____ years. How often must an insurance producer's license in Maryland be renewed? A. National Milk Producers Federation 2107 Wilson Blvd., Suite 600 Arlington, VA 22201 Phone: 703-243-6111 E-mail: [email protected] In some cases, NDRC also solicits the opinions of relevant Chinese industrial regulators and consulting agencies, which may include industry associations that represent Chinese domestic firms. The proceeds of this contract could be subject to the claims of, The Food and Drug Administrationapproved prescription drugs for treatment as stated on the drugs labeling. Which of the following statements is TRUE? Focus of Major medical insurance is providingcoverage for: C. Medical and Hospitalization expenses. Howare annuities given favorable tax treatment? If a producer has been engaged in an administrative action by any governmental agency, within how many days following the final deposition must the producer report the action to the Commissioner? A producer is meeting with a client to determine whether an annuity would be suitable for purchase. What is the purpose of a disability income benefit? How often must the Commissioner examine each domestic insurance company? Which of the following is Medicare Part B also known as? b. Incomeif an insured is unable to work for a period of over six months, c. Coveragefor excess charges not paid for under Medicare. Which of these if NOT considered a form of life insurance advertisement? Which of the following is typically NOT eligible for coverage in a group health policy? What does the consolidated Omnibus Budget Reconciliation ACT (COBRA) of 1985 allow an employee to do? PartA Hospital expense coverage provided under Medicare is automatically madeavailable to each of the following EXCEPT, A. A50-year-old individual who has qualified for SSDI in the last 24 months, B. A70-year-old NOT Eligible for Social Security, C. A55-year-old suffering from kidney failure. Whatis the elimination period of an individual disability policy? Mikehas inherited his fathers traditional IRA. Which settlement options pays a stated amount to an annuitant but no residual value to a beneficiary? Submit to the replacing insurer a list of the policies to be replaced. Which of the following must be included in the advertisement? The names of the insurance companies represented by the producer. Under this plan a, Adoption of a child (an uninsured, eligible employee who acquires a new dependent through marriage, birth, or adoption may qualify for special enrollment in a small employer's health benefit plan). The type of annuity she is seeking is called? What would be an expense factor in a insurance program? Which of the following statements is TRUE? Whichof these is considered to be a document that describes the critical segments ofa life insurance policy? Collecting a chargefor insurance that is less than the charge applicable to that insurance. Course Hero is not sponsored or endorsed by any college or university. Without a Section 125 Plan in place, what would happen to an employee's payroll contribution to an HSA? Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. Level premium permanent insurance accumulates a reserve that will eventually, Ambiguities in an insurance policy are always resolved in favor of the, Chapter 11 Exam - New Jersey Laws and Rules, Life Insurance Policies - Provisions, Options, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Daniel F Viele, David H Marshall, Wayne W McManus. Which of the following is considered a tax-deductible medical expenseunder this rule? 1. It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill. Who assumes the investment risk in a variable insurance contract? The legal action provision in a health contract is limited to no more than ___ years. What happens when an insurance policy is backdated? \text{Property, plant, and equipment} & \hspace{8pt}150,000 & \hspace{8pt}140,000 \\